The winter of 2018 / 2019 is coming to an end but not without leaving some marks. The impact on sales has been following the same path we had after the record setting 2016 / 2017 winter. Though this winter was not quite as heavy it certainly had its moments. These heavy winters reduce the number of properties that come on the market which in turn, reduces sales volume. We are slowly coming out of that part of the year as spring weather has arrived, but inventory remains limited. Are people still waiting for more snow to melt? The answer is yes, including clients of my own. Will we see the normal push for Memorial Day weekend, probably? If the warm weather persists and more house come out from under the snow, we will see more listings. I have already had a couple sales that happened because this winter was just too much.
Where does it look like things will go from here? Prices are likely to continue to climb due to limited inventory and strong demand. Once again it seems at a sustainable pace which I like. Interest rates do not appear to be going up any time soon. Recently they have come off the highs set back in January. Affordability will continue to be a struggle for many working and living in Tahoe and Truckee. If there is a limiting factor to the level of appreciation we can sustain, this might be it. That is only if the migration of full-time residents moving here from the bay area slows down. I am seeing more and more sales in our more full-time neighborhoods closing in the $700K to $900K or more range. We just had a great local family move to Reno and their house was purchased by a Bay Area family planning to move here full time eventually.
Tahoe Truckee Homes has had a good start to the year. We took advantage of some of the slowness in January and February to get out and enjoy all the snow. Martin Luther King Monday was one of the best days of the year for me. Not to long after that I had a day at Alpine that as I told Stephanie when I got home, it was simply to deep. Unless you had some of those super wide skis it was hard to stay afloat. I got to take my week of surfing in Fiji last month and Samantha had her first baby. Lauren stayed busy throughout the winter with vacation rentals as you might imagine. Of course, keeping houses cleared and roofs shoveled became a big part of the job. It does look like this will be another one of those summers where finding painters, window washers, yard maintenance guys and roofers will be tough. If you need to get any work done this year I would start calling now. There is a lot of work to be done and repairs to be made so all the sub-contractor types will be busy.
Where does it look like things will go from here? Prices are likely to continue to climb due to limited inventory and strong demand. Once again it seems at a sustainable pace which I like. Interest rates do not appear to be going up any time soon. Recently they have come off the highs set back in January. Affordability will continue to be a struggle for many working and living in Tahoe and Truckee. If there is a limiting factor to the level of appreciation we can sustain, this might be it. That is only if the migration of full-time residents moving here from the bay area slows down. I am seeing more and more sales in our more full-time neighborhoods closing in the $700K to $900K or more range. We just had a great local family move to Reno and their house was purchased by a Bay Area family planning to move here full time eventually.
Tahoe Truckee Homes has had a good start to the year. We took advantage of some of the slowness in January and February to get out and enjoy all the snow. Martin Luther King Monday was one of the best days of the year for me. Not to long after that I had a day at Alpine that as I told Stephanie when I got home, it was simply to deep. Unless you had some of those super wide skis it was hard to stay afloat. I got to take my week of surfing in Fiji last month and Samantha had her first baby. Lauren stayed busy throughout the winter with vacation rentals as you might imagine. Of course, keeping houses cleared and roofs shoveled became a big part of the job. It does look like this will be another one of those summers where finding painters, window washers, yard maintenance guys and roofers will be tough. If you need to get any work done this year I would start calling now. There is a lot of work to be done and repairs to be made so all the sub-contractor types will be busy.
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